Traditional paper-based invoice processing time can take up to 48 days. Mail time,
invoice routing and approvals, and the posting process all take significant time.
Payables Lockbox can significantly reduce this time, allowing you to:
- Forecast your spending
- Maximize your float
- Avoid late fees
- Take advantage of vendor discounts
With Payables Lockbox, it's simple for vendors to send their invoices electronically,
by email or fax if they so choose. In addition, they can get setup to be paid electronically
by ACH. These options reduce the potential for an invoice or payment to get lost
or held up in the mail.
Invoice routing for approvals accounts for the most significant amount of time in
the payables process. Paper can easily get mishandled, lost, sent to the wrong approver,
or accidentally thrown away. Invoices are imaged, archived and always
available online. With an online approval process, invoices are always instantaneously
routed to the next approver in the process.
The coding and system posting can also add overall time to the payables process.
Generally someone handwrites coding information on the invoice, only for that same
coding information to be re-entered into the accounting system later, in addition
to all of the other basic invoice information. With the Payables Lockbox service,
we will extract most, if not all, of the invoice information for you.